China said on Nov. 5 that it will suspend retaliatory tariffs on U.S. imports following a meeting between U.S. President Donald Trump and Chinese Communist Party (CCP) leader Xi Jinping in South Korea last week.
The tariff commission of China’s State Council said in a statement that it would suspend the 24 percent tariff imposed on U.S. goods in April for one year while keeping an additional 10 percent duty in place.
Beijing said the move follows “the consensus reached in the China–U.S. trade consultations” and is being implemented based on “the basic principles of international law.” The order will take effect on Nov. 10….